The Lack And Reconstruction Of Watching: Research On China 's Securities And Paper Market

Information and information flow is a critical criteria for measuring the security value, while information exposure to public must rest on mass media. In the immature stock market in China, Chinese security media must be in accordance with principles of openness, fairness, impartiality about stock reports, as social instrument and professional media, to be accountable to the public and command public interest first,. While confronting unreasonable slumping in stock market, Chinese security media must adhere to reasonably independent, objective and fair report concept, and give full play to media functions of information disclosure, surveillance function and risk alertness to help develop Chinese stock market and improve adjust existing structure.This paper analyzes the three representatives of Chinese stock media (China Securities Journal, Shanghai Securities News, Securities Times)concerning current situations of stock reports, through researching stock news propagation, quoted company management and supervision, risk alertness which comes from three major stock media since1997, supplemented with field work and interviews with media workers about the process of media production, to analyze whether the media play the better role of adherence to objective, precise and fair media reports, the principles of openness, fairness, impartiality in information communication, or keep calm and objective when stock soars or slumps. When stock market suffering "asymmetric information", whether they can better play the role of supervision, embody media the role as a social instrument and gatekeeper function, further facilitate interactive relationship between stock media and stock market, standardize stock media manipulation and relative reports, which provide references to developments of prosperous and healthy society. The basic hypothesis of this paper is that the stock media are insufficient of gatekeeper function among stock reports which consists of information disclosure, surveillance function and risk alertness, against the principles of openness, fairness, impartiality.To deal with the three aspects of insufficiency of social gatekeeper function, this paper analyze stock news propagation, quoted company management and supervision, risk alertness from stock comments among three major stock media, waged content and case analysis researches to probe the current situation of the stock medias, further analyzes the relative background, reason and provide possible solving strategies.There are three main parts in this dissertation.Part1consists of Preface and Chapter1. This part elaborates research approach and related articles review, and retrospect Chinese stock market’ basic progress, characteristics, the role positioning, and its’ role of gatekeeper function which the Chinese stock market should take, unveiling basic concept and main content.Part2contains Chapter2, Chapter3and Charpter4, which is core section of this dissertation. Primarily from angle of empirical analysis, analyze stock news propagation, quoted company management and supervision, risk alertness which comes from three major stock media. And corresponding stated above three research hypothesis, verify the reality of the situation and problems.The main conclusions of this part include below. At first, all of the three stock newspaper lack independence, impartiality, having matters of institutional discourse bias and voice absence of small and medium-sized investors in their stock reports. Secondly, there are less negative stories about quoted company in the three major stock media’s coverage, and they did not fully play the role of public opinion supervision which is conducive to company management, merely giving priority to post-supervision. At last, in order to boost market confidence, the stock comments are totally tend to favorable news, laying emphasize on technical analysis, insufficiency of risk alertness, against cultivating rational market investors. Part3consists Chapter5, which is based on the empirical analysis of text content in Part2, further investigating the reasons on insufficiency of media’s gatekeeper function among stock reports at present, and the other factors on system problems and legal environment conditions, and then put forward solutions which include to keep justice by balance report, to pay equal attention to surveillance function and risk alertness, to improve qualities of stock professional journalists, and draw lessons from experiences and development models from foreign mature financial media, finally to rebuild stock media’s functions and roles of gatekeeper.